Stolen Bike Discovered - what now?

[Paul Ruinaard]

33 minutes ago, Bro Derek said:

I know this is a joke, BUT employees of insurance companies do in fact often buy things from things from the insurers.

Guys at two three bird bike insurers buy cheap bike parts from the wrecked bikes and salvageable stuff gets sold in company often.

The same for other insurance companies.

There is even a history of bank employees buying repossessed houses for dirt cheap from the bank they work for before Auction.

It is a grey area, but common practice

Its not really a grey area at all.

Once the insurance company has paid out as part of the settlement any short term insurer takes title to the salvage or remainng goods and then is entitled to sell them on to recover whatever value there is in those goods. This is how secondhand car parts and scrap yards operate in the motor trade.

Similarly sometimes the salvage is of good quality and therefore is offerred to the employees as an option to buy. If they purchase it then can do with it what they like - break it or repair it and sell it again.

My father was in short term insurance and he bought many an item like this from the company he worked for when the goods were not materially damaged- like flood damaged etc. Cars, TV's etc.

Its a perk of the job.

I also knew that there was a salvage value on the bike i had a claim on and investigated whether they would let me repurchase the bike as salvage as I knew the history and what components i had on the bike which were way above standard specifications but it was more formulaic and they wanted a percentage of the retail list which was unrealistic. It was no doubt moved on and eventually broken for bits at a later stage as there were top spec components on it.

 

Edited December 12, 2025 by Paul Ruinaard

[Bro Derek]

3 minutes ago, Paul Ruinaard said:

Its not really a grey area at all.

Once the insurance company has paid out as part of the settlement any short term insurer takes title to the salvage or remainng goods and then is entitled to sell them on to recover whatever value there is in those goods. This is how secondhand car parts and scrap yards operate in the motor trade.

Similarly sometimes the salvage is of good quality and therefore is offerred to the employees as an option to buy. If they purchase it then can do with it what they like - break it or repair it and sell it again.

My father was in short term insurance and he bought many an item like this from the company he worked for when the goods were not materially damaged- like flood damaged etc. Cars, TV's etc.

Its a perk of the job.

I also knew that there was a salvage value on the bike i had a claim on and investigated whether they would let me repurchase the bike as salvage as I knew the history and what components i had on the bike which were way above standard specifications but it was more formulaic and they wanted a percentage of the retail list which was unrealistic. It was no doubt moved on and eventually broken for bits at a later stage as there were top spec components on it.

 

Sorry, the 'grey area' I was referring to is the property re-po/sale

 

[love2fly]

A bit of useless info:

The OUTaurance Pointsmen and women don't work for OUTsurance but for a Pvt co and OUT are merely "sponsors".

[117]

8 hours ago, love2fly said:

A bit of useless info:

The OUTaurance Pointsmen and women don't work for OUTsurance but for a Pvt co and OUT are merely "sponsors".

Typical labour brokering in saffer land

Nothing to see here, move along 

 

 

[love2fly]

Nothing of the sort actually.

[betaboy]

10 hours ago, Bro Derek said:

I know this is a joke, BUT employees of insurance companies do in fact often buy things from things from the insurers.

Guys at two three bird bike insurers buy cheap bike parts from the wrecked bikes and salvageable stuff gets sold in company often.

The same for other insurance companies.

There is even a history of bank employees buying repossessed houses for dirt cheap from the bank they work for before Auction.

It is a grey area, but common practice

It’s sprinkled with half truths, well spotted. When I order my first Yacht, will definitely send you the fine print my gold man.✅🤓